Questions & Answers

What is the tax implication for a joint venture vs. a partnership?

By Eric P. Rothenberg, Esq. Partnerships and joint ventures share many similarities. However, there are significant differences business owners should be aware of when allying with another enterprise. Both are forms of legal structures used by business owners to combine resources, talents, or skills with another person or business. Business owners often mistakenly use the […]

I am setting up a small business on my own. Would I benefit from incorporating as an LLC?

In three words—yes and no. We have a new tax law this year that has what’s called a Qualified Trade or Business [QTB] deduction. It’s very complicated and before you set up an LLC or a S Corp, you would need to have a tax advisor run numbers. This deduction is not available to high […]

Massachusetts Renter’s Security Deposit Law

As a landlord, what am I allowed to do with a renter’s security deposit before they need it back? Am I able to reinvest it into my property? In a word—no. In two words, ABSOLUTELY NOT. Massachusetts tenancy laws are very favorable to residential tenants. This is understandable, as such tenants have their home to […]

My Dad turns 80 next month and his driver’s license is up for renewal.

MyOur family is hoping the RMV doesn’t renew my 80 year old father’s drivers license because we think his driving is dangerous, but he insists on driving. What can we do? In the United States, getting one’s driver’s license is a rite of passage. Access to a car or other vehicle allows great freedom and […]

Is there a Statute of limitation( do they forgive or forget unpaid tax )

In 2002, after receiving a green Card in the USA I got SSN. In America I never worked and left it. I live in Russia , the green card was for two years. Have not been there for 14 years. But in 2002-2005 my SSN was used to get payments through the sites. As far […]

Did You Get Married This Summer?

By Eric P. Rothenberg, Esq. – Tax tips for the recently married or getting married before year end: Your filing status changed so change Form W-4 (withholding), address and name changes on Form 8822, change your name to the Social Security office, and forwarding addresses at the Post Office. Remembering to do these tasks will […]

My company does not withhold taxes from my paychecks.

I am a foreigner currently working in the USA and my company does not withhold taxes from my paychecks. So I was wondering if it is possible for someone who is knowledgeable in taxes to let me know how much (what proportion) of my salary should I set aside for taxes purposes? p.s. I am […]

Will we have to pay capital gains tax?

My father gave his house to me and my sister before he died,if we sell the house will we have to pay capital gains tax? If he truly gifted you both the house and retained no rights, then your basis is the basis your father had [purchase price plus capital improvements]. But most likely, and […]

Do I need to report income from a sold property in another country?

I am planning to sell a house in Albania (Europe). This house was given to me as a gift by my parents. If I sell this house, the Albanian government will hold 10% of the total sale in taxes. Do I have to report this money to IRS even though I paid the Albanian government […]

Haven’t filed tax returns in over 40 years.

A long time friend of mine told me that she has not filed tax returns in over 40 years. Now, she is going to retire and is afraid she will not be able to get her social security checks. What can she do? Will she be arrested? Go to jail? What can she do about […]

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